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Question - The following is a partial Adjusted Trial Balance for Alpha Company for the month:
Alpha Company Adjusted Trial Balance (partial) January 31, 2016
Accounts Debit Credit
Inventory $2,750
Sales $10,000
Sales Discounts 200
Sales Returns & Allowances 1,200
Purchases 4,000
Purchases Discounts 150
Purchase Returns & Allowances 450
Freight In 50
Advertising Expense 150
Depreciation Expense 130
Freight Out 70
Income Tax Expense 500
Salaries Expense 500
Utilities Expense 100
Additionally, Inventory for December 31, 2015 was $2,500. Submit a partial multiple-step income statement that includes the Sales, Cost of Goods Sold sections & gross profit.
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